Archive for the ‘Boats 13’ Category

Tax issue to consider when donating your car to charity

Posted in Boats 13 on 01/23/2012 05:59 pm by Wilson

Donating a car to a favorite charity is often overlooked by many people when it comes to changing their old car for a new one. Most people either just trade the old banger in for the new vehicle, or try to sell it themselves. If you donate your car to charity instead it has a few benefits for you including a tax deduction for you and also you do not have to sell the vehicle yourself or have it towed away, as the charity arranges this.

If you are looking into donating a car it is essential to check with the IRS to find out if they are an approved charity, so that you will receive the tax break. You need to check that the charity you are considering donating to is a 501(c)(3) non-profit organization.

This is basically a list of approved charities that the IRS confirms can be donated to and you will have no problems when it comes to filling in your tax return. Be aware that many charities that are online will make it known on their site that they are an approved charity, but it is important to check on the IRS website for the IRS publication 78 list to ensure you will receive your tax break on your vehicle donation.

 

 

 

 

 

Tax issue to consider when donating your car to charity

Posted in Boats 13 on 01/23/2012 05:54 pm by Wilson

Donating a car to a favorite charity is often overlooked by many people when it comes to changing their old car for a new one. Most people either just trade the old banger in for the new vehicle, or try to sell it themselves. If you donate your car to charity instead it has a few benefits for you including a tax deduction for you and also you do not have to sell the vehicle yourself or have it towed away, as the charity arranges this.

If you are looking into donating a car it is essential to check with the IRS to find out if they are an approved charity, so that you will receive the tax break. You need to check that the charity you are considering donating to is a 501(c)(3) non-profit organization.

This is basically a list of approved charities that the IRS confirms can be donated to and you will have no problems when it comes to filling in your tax return. Be aware that many charities that are online will make it known on their site that they are an approved charity, but it is important to check on the IRS website for the IRS publication 78 list to ensure you will receive your tax break on your vehicle donation.